The world’s fourth-largest platinum miner, Aquarius Platinum, has announced that, as part of the continuing indigenisation compliance nego- tiations between its indirect 50% subsidiary, Mimosa Hold- ings, and the government of Zimbabwe, Mimosa has signed a deed of trust incorporating the Zvishavane Community Share Ownership Trust.

The beneficiaries of the trust include the communities surrounding the Mimosa mine, while the incorporation is intended to move Aquarius closer to compliance with the government-sanctioned Zimbabwe Indigenisation and Economic Empowerment Act.

The issuing of equity in Mimosa to the trust is an indivisible part of a final indigenisation plan over which Mimosa and the Zimbabwe government remain in discussions.

Meanwhile, the final terms of the indigenisation plan will be announced as soon as this process is concluded.

Zimbabwe’s Indigenisation and Economic Empowerment Act, introduced in May last year, is intended to effectively nationalise half of the country’s key resource sector by establishing a wealth fund that is set to own 51% of mining companies.

At the time, Mining Weekly reported that the government was dissatisfied with its earnings from the exploitation of its rich mineral resources.

In the mining sector specifically, we have been getting a raw deal all this time, with companies taking money out of the country,” said Minister of Youth Development, Indigenisation and Empowerment Saviour Kasu-kuwere.

In addition, Kasukuwere said earnings from mineral exports reached $1.7-billion in 2010, about 30% of the country’s estimated yearly gross domestic product, but that mining companies had only paid $4-million in taxes to the government.

Meanwhile, Creamer Media’s Research Channel Africa’s ‘African Roundup’ report for September last year reported that foreign mining firms operating in Zimbabwe had mostly met a September deadline by which they were required to submit plans to transfer a 51% stake in their operations to locals.